\begin{wrapfigure}{l}{0.5\columnwidth}
    \vspace{\baselineskip}
    \begin{equation}
    \label{eq:laplace_density}
        \lap (x\ |\ \tikzmarknode{u}{\highlight{red}{$\mu$}}, \tikzmarknode{b}{\highlight{blue}{b}}) = \frac{1}{2b} \mathrm{exp}(-\frac{|x-\mu|}{b}) 
    \end{equation}
    \begin{tikzpicture}[overlay,remember picture,>=stealth,nodes={align=left,inner ysep=1pt},<-]
        % For "mu"
        \path (u.north) ++ (0,2em) node[anchor=south west,color=red!67] (scalep){\textbf{location parameter, mean}};
        \draw [color=red!57](u.north) |- ([xshift=-0.3ex,color=red]scalep.south east);
        % For "b"
        \path (b.south) ++ (0,-1.5em) node[anchor=north west,color=blue!67] (mean){\textbf{$b >0$, scale parameter}};
        \draw [color=blue!57](b.south) |- ([xshift=-0.3ex,color=blue]mean.south east);
    \end{tikzpicture}
    \vspace{0.5\baselineskip}
    \caption{An example in the single column format using the wrapfig construct.}
    \vspace{0.5\baselineskip}
\end{wrapfigure}